SAN DIEGO, Oct. 17, 2022 (GLOBE NEWSWIRE) — Robbins LLP reminds investors who buy shares of Olo Inc. OLO Class A common stock between August 11, 2021 and August 11, 2022, they may be eligible to participate in the class action lawsuit against Olo Inc. Shareholders wishing to be named lead plaintiff for the class must file their filings by November 28, 2022. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. You do not have to be present at the case to be eligible for a recovery.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

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What is it about in this case: Olo Inc. (OLO) has failed to disclose key metrics regarding its relationship with Subway to shareholders

According to the complaint, on February 12, 2020, Olo announced a partnership with Subway® restaurants (“Subway”) to enable Subway’s more than 20,000 US-based restaurants to accept digital orders from third-party “marketplaces” such as Uber Eats or DoorDash.

On August 10, 2021, Olo reported that the second quarter of 2021 ended with approximately 74,000 active sites, a 30% increase over the same period last year. The Company’s reported active locations included approximately 15,000 Subway locations, which eventually made up approximately 20% of the Company’s reported active locations. As Olo reported on increasingly active sites, the share price rose to over $45 per share.

However, during the class period, the defendants misled investors about the company’s success by providing figures on active locations, including Subway locations that would immediately discontinue the company’s services, and by failing to disclose that Subway was ending its relationship with Olo would. After markets closed on August 11, 2022, Olo reported its second quarter 2022 results and reduced its full year guidance…